Residents in White County, Tennessee have been shocked by revelations that a trusted local businessman spent the past four years duping investors in a massive $43 million Ponzi scheme. Yesterday, 40-year-old Jeffrey Allen Gentry pleaded guilty to wire fraud and money laundering charges in connection with the Ponzi scheme, with victims including his own family and friends.
Mr. Gentry owned Gentry Brothers Tractor Supply and convinced local residents from across White County that they could make 6 to 10 percent on their “investment,” sometimes in as few as 10 days, if they would help him buy farming equipment to fulfill state government contracts.
Instead, more than 50 individuals, many of whom were tricked into investing their life savings, invested roughly $43 million in the scheme and are now out more than $10 million. Prosecutors allege that Gentry used the money to fund a lavish lifestyle, purchasing real estate properties and buying new vehicles. Mr. Gentry also opened a used car business using Ponzi scheme money.
If you or someone you know lost money as the result of Jeffrey Lynn Gentry’s Gentry Brothers Tractor Supply Ponzi Scheme, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.